Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-sheet-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:9013:1" rel="noopener">Nippon Sheet Glass (5202 JP)</a> is now down to "pure arb." All approvals are in. All financing done. The remaining trade is to buy and hold until the cash settles.</li>
<li>I see no startling revelation when inspecting <a href="https://www.smartkarma.com/entities/guotai-junan-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:13438:1" rel="noopener">Guotai Junan International (1788 HK)</a>'s s329 investigative reports.</li>
<li>
<a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac (4004 JP)</a> is spinning off 80+% of its petrochemical division. <a href="https://www.smartkarma.com/entities/crasus-chemical" target="_blank" data-smartkarma-citation="entities:58630:1" rel="noopener">Crasus Chemical</a> is unlikely to stay in MSCI. Definitely not Nikkei 225. Big selling on Day 1 at the close likely.</li>
</ul>



Nippon Sheet Glass (5202 JP) is now down to "pure arb." All approvals are in. All financing done. The remaining trade is to buy and hold until the cash settles.
I see no startling revelation when inspecting Guotai Junan International (1788 HK)'s s329 investigative reports.

Resonac (4004 JP) is spinning off 80+% of its petrochemical division. Crasus Chemical is unlikely to stay in MSCI. Definitely not Nikkei 225. Big selling on Day 1 at the close likely.


Last Week In Event SPACE: Nippon Sheet Glass, Guotai Junan, Resonac, Skyworth, Fosun, Austal

Travis Lundy

<ul>
<li>Today, regional supermarket operator <a href="https://www.smartkarma.com/entities/life-corp" target="_blank" data-smartkarma-citation="entities:1743:1" rel="noopener">Life Corp (8194 JP)</a> announced a TOB on processed foods and supermarket services outsourcee <a href="https://www.smartkarma.com/entities/albis-co-ltd" target="_blank" data-smartkarma-citation="entities:16344:1" rel="noopener">Albis Co Ltd (7475 JP)</a>. </li>
<li>Albis is a TOPIX stock which will be announced as a DELETE next month. MitCorp owns 16.6%. Other crossholders hold 20+%. Foreigners hold nothing. Retail most of the rest.</li>
<li>This likely gets done. It's tiny. Illiquidish. Another smallcap disappearing to earn synergies without paying for them.</li>
</ul>


Today, regional supermarket operator Life Corp (8194 JP) announced a TOB on processed foods and supermarket services outsourcee Albis Co Ltd (7475 JP). 
Albis is a TOPIX stock which will be announced as a DELETE next month. MitCorp owns 16.6%. Other crossholders hold 20+%. Foreigners hold nothing. Retail most of the rest.
This likely gets done. It's tiny. Illiquidish. Another smallcap disappearing to earn synergies without paying for them.


[Japan M&A] MitCorp Affiliate Life Corp (8194) Launches Tender for MitCorp Affiliate Albis (7475)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/albis-co-ltd" target="_blank" data-smartkarma-citation="entities:16344:1" rel="noopener">Albis Co Ltd (7475 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/life-corp" target="_blank" data-smartkarma-citation="entities:1743:1" rel="noopener">Life Corp (8194 JP)</a> at JPY3,780, a 51.2% premium to the last close of JPY2,500.  </li>
<li>Despite the lack of an auction and being marginally below book value (P/B of 0.95x), the offer is attractive compared to historical trading ranges and peer multiples.</li>
<li>The offer is above the midpoint of the target IFA’s DCF valuation range. The required minority acceptance rate to meet the lower limit is achievable. This is a done deal. </li>
</ul>



Albis Co Ltd (7475 JP) announced a tender offer from Life Corp (8194 JP) at JPY3,780, a 51.2% premium to the last close of JPY2,500.  
Despite the lack of an auction and being marginally below book value (P/B of 0.95x), the offer is attractive compared to historical trading ranges and peer multiples.
The offer is above the midpoint of the target IFA’s DCF valuation range. The required minority acceptance rate to meet the lower limit is achievable. This is a done deal. 


Albis (7475 JP): Life Corp (8194 JP)’s Tender Offer at JPY3,780

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>There has been a long-term trend of market concentration in Japan's retail sector for more than a decade.</li>
<li>But consolidation is accelerating due to the pressures to find growth in a depopulating market and the winner takes all phenomenon which rewards the leading chains.</li>
<li>With higher growth and greater access to capital for the best retailers, the net result is dramatically higher levels of M&amp;A in sectors like drugstores and even supermarkets.  </li>
</ul>


There has been a long-term trend of market concentration in Japan's retail sector for more than a decade.
But consolidation is accelerating due to the pressures to find growth in a depopulating market and the winner takes all phenomenon which rewards the leading chains.
With higher growth and greater access to capital for the best retailers, the net result is dramatically higher levels of M&amp;A in sectors like drugstores and even supermarkets.  


Japan Retail: Market Concentration Accelerates Through M&A and Organic Growth

<ul>
<li>Last week in Japan's retail sector: continued weakness in shopping mall development due to both falling demand from tenants and competition from online.</li>
<li>Don Quijote operator, Pan Pacific posted strong results, reflecting high demand from both locals looking for value and tourists browsing for fun.</li>
<li>The retail sector had a record year in FY23, but a big constraint is the labour shortage but, with many fit older Japanese, some employees are now over 80. </li>
</ul>


Last week in Japan's retail sector: continued weakness in shopping mall development due to both falling demand from tenants and competition from online.
Don Quijote operator, Pan Pacific posted strong results, reflecting high demand from both locals looking for value and tourists browsing for fun.
The retail sector had a record year in FY23, but a big constraint is the labour shortage but, with many fit older Japanese, some employees are now over 80. 


Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

Japan

LIFE CORPORATION operates a supermarket chain mainly in Kansai and Kanto areas. The Company sells mainly groceries, and also clothing, and household utensils.

Price Gauge
52-week Range	0.00 - 0.00
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Life Corp (8194 JP)

Last Week In Event SPACE: Nippon Sheet Glass, Guotai Junan, Resonac, Skyworth, Fosun, Austal

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[Japan M&A] MitCorp Affiliate Life Corp (8194) Launches Tender for MitCorp Affiliate Albis (7475)

Life Corp is launching a TOB on tofu and processed meat company Albis. It's a combination of MitCorp affiliates. The premium is 50+% which is good...

Travis Lundy

Albis (7475 JP): Life Corp (8194 JP)’s Tender Offer at JPY3,780

Despite the lack of an auction and being marginally below book value (P/B of 0.95x), the offer is attractive compared to historical trading ranges...

Arun George

Japan Retail: Market Concentration Accelerates Through M&A and Organic Growth

Market concentration in Japan's retail sector has been increasing due to the need for growth in a shrinking market, leading to a surge in M&A...

Michael Causton

Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

Japan's retail sector in the last week: Shopping mall development slows, Don Quijote operator Pan Pacific sees strong demand from locals and...

Michael Causton

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week In Event SPACE: Nippon Sheet Glass, Guotai Junan, Resonac, Skyworth, Fosun, Austal

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[Japan M&A] MitCorp Affiliate Life Corp (8194) Launches Tender for MitCorp Affiliate Albis (7475)

Life Corp is launching a TOB on tofu and processed meat company Albis. It's a combination of MitCorp affiliates. The premium is 50+% which is good...

Travis Lundy

Albis (7475 JP): Life Corp (8194 JP)’s Tender Offer at JPY3,780

Despite the lack of an auction and being marginally below book value (P/B of 0.95x), the offer is attractive compared to historical trading ranges...

Arun George

Japan Retail: Market Concentration Accelerates Through M&A and Organic Growth

​Market concentration in Japan's retail sector has been increasing due to the need for growth in a shrinking market, leading to a surge in M&A...

Michael Causton

Japan's Retail Week: New Malls Slow, Lawson/Muji Get Closer, Donki Booms and Jobs for the over 80s

Japan's retail sector in the last week: Shopping mall development slows, Don Quijote operator Pan Pacific sees strong demand from locals and...

Michael Causton

Market concentration in Japan's retail sector has been increasing due to the need for growth in a shrinking market, leading to a surge in M&A...